XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance
The entire crypto market is enjoying a strong surge, yet XRP has been lagging, remaining stuck below the crucial $0.55 level since the start of October. Analysts and investors are closely watching for signs of strength and confirmation that XRP is poised for significant gains in this market cycle.
Key data from Santiment offers a glimmer of optimism. It shows a notable spike in active wallets on the XRP Ledger, which could signal growing interest and accumulation.
As the broader market continues to push higher, the coming days are pivotal for XRP. Investors hope for a breakout from the weeks of sideways consolidation that have kept its price action subdued.
A decisive move above $0.55 could ignite bullish momentum and put XRP on track to catch up with the broader market rally. For now, the market eagerly awaits further developments, with many anticipating that XRPs moment may finally be approaching.
XRP Ledger Activity Signals A Shift
XRP remains one of the most popular altcoins in the crypto market, yet many investors are increasingly concerned as the price has struggled to reclaim local highs around $0.65. Despite the lack of upward momentum, critical data from Santiment offers a glimmer of hope.
The XRP Ledger recently experienced a significant spike in activity, with 35,799 unique wallets making at least one transfer daily, marking the highest activity level in over three months. In addition, 3,858 new wallets were created in a single day, the largest increase over seven months.
This surge in network activity is a promising sign for XRP, as spikes in active wallets and new addresses often precede major price movements. The growing interest in XRP could be an early indicator of an impending shift in price action, especially as the broader market trends upwards.
However, the price must still exceed the local highs of around $0.65 to confirm a bullish trend. While the network data points to potential growth, the coming weeks will be crucial for XRPs price movement.
If it can reclaim key resistance levels, XRP may finally align with the overall markets bullish sentiment, providing a more optimistic outlook for its investors.
Price Action: Technical Levels To Watch
XRP is trading at $0.555 after three weeks of sideways movement. It remains below the 4-hour 200 exponential moving average (EMA), but it is now testing this key indicator as resistance.
A successful breakout above the 200 EMA, followed by consolidation and holding it as support, would likely signal a surge to higher supply zones around $0.60 and potentially $0.65. This breakout would confirm renewed bullish momentum, encouraging investors to wait for a clear upward trend.
However, if XRP fails to break above the 200 EMA and these critical resistance levels, a retrace to $0.52 or even lower could be imminent. Failing to breach this resistance would point to further consolidation or even a correction as the market seeks lower liquidity levels.
As XRP continues to test this key technical level, the next few days will be pivotal in determining whether the altcoin can finally break out of its range-bound trading and follow the broader markets bullish sentiment.
Featured image from Dall-E, chart from TradingView
Text source: NewsBTC
